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May 11, 2016

ESMA SFTR RTS: Risk Focus Responds

In December 2015 the European Securities and Markets Authority (ESMA) issued a Consultation Draft of Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) to help bring “more transparency to shadow banking activities”, with a focus on Securities Finance Transaction Reporting (SFTR).

In December 2015 the European Securities and Markets Authority (ESMA) issued a Consultation Draft of Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) to help bring “more transparency to shadow banking activities”, with a focus on Securities Finance Transaction Reporting (SFTR). The Industry shorthand for this document is the Reg SFTR RTS.

Risk Focus was one of the firms that responded with comments, all of which are posted here – Responses to ESMA SFTR RTS Consultation. Our response highlights our support for ESMA’s approach:

  • Leveraging and extending the existing EMIR RTS, rather than creating an alternative approach
  • Making authentication, schema validation, logical validation, content validation and participant feedback part of the SFTR framework
  • Using ISO 20022 as a standardized format across regulations.

Much as in our Response to the CFTC’s Request for Comments on their Draft Specification for Certain Swap Data Elements Risk Focus continues to work not only with banks and repositories who use the components of our Report-it.Trade software but also to meet with regulators across jurisdictions and comment whenever we can contribute to an RTS consultation. 


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